APRIL 23, 2002

Lukoil announces

LUKOIL, one of the biggest Russian oil producers, has just announced a major restructuring plan with a view to winning back its position as the top Russian oil company. The firm recently lost that position to rival Yukos.

Lukoil, a sponsor in Formula 3000 for the last few years, says it is going to cut back 20,000 jobs in an effort to lower the cost of each barrel of oil it is producing and aims to expand its international operations to increase sales. The company is looking to float on the New York Stock Exchange at some point in the future in order to improve its international image.

It all sounds like the perfect job for a Formula 1 sponsorship program...